Weather, short-covering push corn, wheat higher
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- Spring weather uncertainty and short position covering ahead of next week’s planting intentions report from the US Department of Agriculture helped strengthen wheat and corn futures Tuesday. Large South American supplies and lackluster Chinese demand for US soybeans sent soybean futures lower. May corn added 3½¢ to close at $4.39½ per bu. Chicago May wheat added 9¾¢ to close at $5.52½ per bu. Kansas City May wheat advanced 9¢ and closed at $5.82¾ per bu. Minneapolis May wheat added 5¢ and closed at $6.55¾ per bu; later months were mixed. May soybeans dropped 2¼¢ to close at $11.85½ per bu; later months were mixed. May soybean meal added $2 to close at $333.90 per ton. May soybean oil fell 0.56¢ to close at 48.14¢ a lb.
- Energy company shares took the lead Tuesday, helping push US equity indices higher ahead of the Federal Reserve’s two-day meeting concluding Wednesday in which the central bank is expected to hold interest rates steady. The Dow Jones Industrial Average packed on 320.33 points, or 0.83%, to close at 39,110.76. The Standard & Poor’s 500 added 29.09 points, or 0.56%, to close at 5,178.51. The Nasdaq Composite added 63.34 points, or 0.39%, to close at 16,166.79.
- US crude oil prices were higher Tuesday. The April West Texas Intermediate light, sweet crude future added 75¢ to close at $83.47 per barrel.
- The US dollar index strengthened again Tuesday.
- US gold futures declined Tuesday. The April contract deleted $4.60 to close at $2,159.70 per oz.
Source Link: https://www.foodbusinessnews.net/articles/7-weather-short-covering-push-corn-wheat-higher
